Struthers Coal & Coke Co. v. Union Trust Co.
Supreme Court of Pennsylvania
Oct. T., 1909, by defendant, from decree of C. P. No. 3, Allegheny Co., Feb. T., 1909, No. 628, on bill in equity in case of Strutters Coal & Coke Company and Quin D. Hibbs et al. v. The Union Trust Company of Pittsburg. Bill in equity for an injunction. Before Miller, J., specially presiding. The facts are stated in the opinion of the Supreme Court.
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Oct. T., 1909, by defendant, from decree of C. P. No. 3, Allegheny Co., Feb. T., 1909, No. 628, on bill in equity in case of Strutters Coal & Coke Company and Quin D. Hibbs et al. v. The Union Trust Company of Pittsburg. Bill in equity for an injunction. Before Miller, J., specially presiding. The facts are stated in the opinion of the Supreme Court. The decree entered in the court below was as follows: And now, to wit, September 15, 1909, this cause came on to be heard at this term and was argued by counsel, and upon consideration thereof it is ordered, adjudged and decreed as follows, viz.:…
1Opinion of the Court
Opinion by
Mr. Justice Potter,
January 3, 1910:
As stated by the trial judge, the controversy in this case is as to the proper interpretation of the terms of a trust mortgage, given to secure certain bonds. The Struthers Coal & Coke Company issued 500 bonds of §1,000 each secured equally and ratably by a mortgage upon the property and franchises of the company, each of the bonds stipulating in identical words for a sinking fund for the redemption and retirement of the bonds, which would redeem all of them if the coal was all mined during the life of the bonds. This fund, to be created by the…
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